Extreme weather risk changing Canada’s insurance industry, raising costs

The Insurance Bureau of Canada reported last year that claim costs for personal property insurance averaged more than $7 billion annually over the last five years in Canada. That compares with $5.8 billion in the previous five years, and $2 billion a year in the late 1990s and early 2000s.

Rather, the costs were spread across the country, including the May derecho in Ontario and Quebec, post-tropical storm Fiona, flooding in Manitoba, and a series of major winter and summer storms in Ontario, Quebec, and British Columbia. Some major insurance companies have withdrawn from California and Florida completely in the last 18 months. Farmers Insurance stopped selling home and auto insurance in Florida in July, and State Farm did the same in California in May. In California, it’s the high risk of wildfires, and in Florida, hurricanes, driving the companies out.Article content

Paul Kovacs, executive director at the Institute for Catastrophic Loss Reduction in Toronto, said he doesn’t think it will happen here. He said premiums will go up but he thinks the costs can be managed in Canada.

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Extreme weather risk changing Canada’s insurance industry, raising costsSome tourism and hospitality operators in B.C. are struggling to get insurance at all because the risks to their businesses are too high.
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